Coca-Cola Co. has reported its sales for its fiscal second quarter, revealing results below analyst expectations.
The lower than expected numbers were primarily due to poorer performance in its flagship North American market where demand weakened for Diet Coke, according to media reports.
Sales volume in North America was flat despite a significant increase in marketing around the World Cup. Carbonates including Coke, Fanta and Sprite saw gains, but executives said Diet Coke – the US’s second cola brand behind Coca Cola – declined in the region of the “mid-single digits.”
Globally, Coca-Cola’s sales volume rose 3% in the second quarter, including a 2% increase in carbonates, boosted by gains in places including China, India and the Middle East.
Muhtar Kent, the company’s CEO, said: “While I am pleased with this year-to-date progress, we’re conscious of the fact that we still have more work to do. We remain focused on the work required to return our business to the level of sustainable growth we and our shareowners expect”.
Source: CTV News / KAMCity